This paper examines the effects of demographic dynamics on the measured rates of economic growth. It develops a model of production with labor productivity that varies with age. Macroeconomic and demographic data are used to estimate the relative productivity of different age groups. A panel...

The distributional effects of the minimum wage are analyzed in a model where skilled and unskilled labor are inputs into the production function. It is argued that distributional goals are best achieved by letting the labor market clear itself and achieving redistribution through taxes and...